As of December 31, 2015, Morley Company has liabilities of $5,000 and stockholders' equity of $7,000. It received revenues of $23,000 during the year ended December 31, 2015. What are the assets for Morley Company as of December 31, 2015?

A. $12,000
B. $35,000
C. $25,000
D. $2,000

Answer: A. $12,000

Business

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